MORGAN STANLEY

MSIM Ltd. provides advisory services for funds and separate accounts on a discretionary and non-discretionary basis. Their fund of funds advisory business focuses on identifying investment opportunities and making investments in diversified portfolios of traditional and non-traditional investment funds. These underlying funds or accounts are referred to as the "Underlying Investment Funds" and the third-party investment managers who manage them are referred to as the "Underlying Investment Managers." MSIM Ltd. also offers portfolio solutions, which implement discretionary investment advice by integrating traditional and non-traditional investments through a single portfolio construction, philosophy, and approach. This business focuses on three strategies: fund of hedge funds, private markets, and portfolio solutions.

Morgan Stanley Investment Management Limited employs a research-intensive approach to identify and exploit market inefficiencies, focusing on both liquid and private market strategies. Their investment selection process is discretionary and dynamic, tailored to each account's specific needs. The offering documents and client agreements provide detailed information about the types of Underlying Investment Funds used. The firm utilizes various equity investment strategies, including portfolio construction that aligns with individual client guidelines and objectives. Their Broad Markets Fixed Income strategy aims for attractive returns through a globally diversified portfolio of debt securities, combining macroeconomic analysis with fundamental analysis. The European Absolute Return Strategy seeks to achieve absolute returns by investing in a globally diversified portfolio of government, corporation, and nongovernment debt denominated in euro and non-euro currencies. The Global Multi-Asset Absolute Return Strategy aims for absolute returns by investing in a blend of equity and fixed income securities of U.S. and non-U.S. issuers, utilizing a global tactical approach to achieve total return and control risk and volatility.

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